CNX Resources

CNX Resources Corporation is a natural gas company based in Pittsburgh. The company was known as Consol Energy until separating into CNX (natural gas) and Consol Energy (coal) in 2017.

CNX Resources Corporation
TypePublic company
NYSE: CNX
S&P 400 component
IndustryNatural gas
Key people
 Nick Deluliis, CEO and President
ProductsNatural gas
Production output
1.829 billion cubic feet of natural gas equivalent per day (2019)
Revenue $1.267 billion (2019)
$0.175 billion (2019)
Total assets $9.060 billion (2019)
Total equity $4.962 billion (2019)
Number of employees
467 (2019)
Websitewww.cnx.com
Footnotes / references
[1]
CNX Resources Headquarters

The company operates in the Appalachian Basin. It was the first company to use an electric fracking fleet in the Appalachian Basin. These electric fleets reduce diesel, emissions, traffic, and more by using gas directly from the well to power an electric turbine.[2]

In 2018, CNX ranked as the 9th largest natural gas company by production.[3]

The company is the majority owner of CNX Midstream, a publicly-traded master limited partnership that owns and operates midstream energy assets including dehydration facilities and condensate handling facilities in the Marcellus Shale play in Pennsylvania and West Virginia.[1]

In 2020, CNX Resources was named to Newsweek's annual "America's Most Responsible Companies" list.[4][5]

History

Early history

In 1860, the company was founded as Consolidation Coal Company. It began as a coal mining company in 1864.[6] The company started extracting coalbed methane in 1988.[7] Dupont and Rheinbraun A.G. formed a joint venture in 1991.[8][6] In May 1999, the company became a public company via an initial public offering.[9]

Recent history

In 2010, the company moved into its LEED certified headquarters in Cecil Township, Washington County, Pennsylvania.[10][11] The company also acquired the natural gas business of Dominion Resources in 2010, which increased its drilling properties and made it one of the largest natural gas production companies in the Marcellus Shale formation.[12][13]

In 2017, the company completed the corporate spin-off of Consol Energy and changed its name to CNX Resources Corporation.[14][15]

In January 2018, the company purchased a 50% interest in CONE Gathering LLC from Noble Energy and rebranded it as CNX Midstream Partners LP.[16]

In 2020, CNX announced the acquisition of all outstanding shares of CNX Midstream Partners LP, effectively merging the midstream company with the upstream producer.[17][18][19]

Leadership

Nick Deluliis is the president and CEO of CNX Resources.[20] Prior to leading CNX, he was president and CEO of CONSOL Energy.[20] Deluliis began working with CONSOL as a research engineer, and was promoted to Director of Strategic Planning in 1998.[21] In 2006, he was promoted to Senior Vice President of Strategic Planning.[22]

When CONSOL spun CNX Gas, a wholly owned subsidiary, out as a separate company with its own IPO in 2006, Deluliis was named CEO.[23] He held the position until CNX Gas returned to being a subsidiary of CONSOL in 2009, at which time Deluliis was named COO of CONSOL.[24][25] He then went on to become CONSOL’s president in 2011, and CEO in 2014.[26] In 2017, he became the president and CEO of CNX Resources when it was created to oversee CONSOL’s natural gas business.[20]

See also

References
  1. "CNX Resources Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Gough, Paul (August 22, 2019). "THE FUTURE IS GREEN Electric fracking promises millions in savings, reduction in emissions". American City Business Journals.
  3. "Fourth Quarter Production" (PDF). Natural Gas Supply Association.
  4. "Here are the 20 most responsible companies in Pennsylvania, according to Newsweek". pennlive. 2020-12-08. Retrieved 2020-12-17.
  5. Newsweek (2020-11-24). "America's Most Responsible Companies 2021". Newsweek. Retrieved 2020-12-17.
  6. "History of CONSOL Energy Inc". FundingUniverse.
  7. "Consol Energy Beefs Up CBM Reserves for PA, WV and VA Generators". Natural Gas Intel. August 10, 2001.
  8. "COMPANY NEWS; Du Pont Agrees to Sell Half of Coal Operation". The New York Times. Associated Press. November 28, 1991. ISSN 0362-4331.
  9. Guzzo, Maria (May 10, 1999). "Consol IPO brings less than expected". American City Business Journals.
  10. "Consol Energy Corporate Headquarters". U.S. Green Building Council.
  11. "Consol moving to Southpointe". Pittsburgh Post-Gazette. April 19, 2006.
  12. Maher, Kris; Casselman, Ben (March 16, 2010). "Coal Giant Consol Is Latest to Buy Gas". The Wall Street Journal. ISSN 0099-9660.
  13. "CONSOL Energy Closes on Deal To Acquire Dominion's Appalachian E&P Business for $3.475 Billion in Cash" (Press release). PR Newswire. April 30, 2010.
  14. Dezember, Ryan (November 29, 2017). "One of America's Oldest Energy Producers Splits in Two".
  15. "CNX Resources Corporation Completes Spin-Off of CONSOL Energy Inc" (Press release). PR Newswire. November 29, 2017.
  16. Federoff, Stacey (January 4, 2018). "CNX closes deal to acquire interest in Cone Midstream Partners". American City Business Journals.
  17. "CNX Resources to acquire remaining stake in CNX Midstream for $357M". www.spglobal.com. Retrieved 2020-09-03.
  18. Shrum, Rick. "CNX making $357 million acquisition". Observer Reporter. Retrieved 2020-09-03.
  19. "StackPath". www.ogj.com. Retrieved 2020-09-11.
  20. "CONSOL Files Plans to Spin Off Coal Operations". Bizjournals. Retrieved 2020-11-13.
  21. "The accidental CEO: CNX Gas chief DeIuliis followed an unconventional path". Pittsburgh Post-Gazette. Retrieved 2020-11-19.
  22. www.bizjournals.com https://www.bizjournals.com/pittsburgh/stories/2006/02/13/story2.html. Retrieved 2020-11-19. Missing or empty |title= (help)
  23. "The accidental CEO: CNX Gas chief DeIuliis followed an unconventional path". Pittsburgh Post-Gazette. Retrieved 2020-11-25.
  24. "CONSOL Names Deluliis President". www.bizjournals.com. Retrieved 2020-11-25.
  25. "Consol's new CEO has long experience with company, gas business". www.bizjournals.com. Retrieved 2020-11-25.
  26. "Deluliis named CEO of Consol Energy". www.bizjournals.com. Retrieved 2020-12-04.
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